Posted on Saturday, 23rd May 2009 by admin
Business Directory
In other words, can I start a sole proprietorship business wherein the services/products that I offer to my customers is renting out rental houses.
In other words, can I start a sole proprietorship business wherein the services/products that I offer to my customers is renting out rental houses.
If yes, can I turn it into a corporation? (in order to avoid liability)
Steveko7, no, I didn’t mean I want to be a broker.
What I meant is I want to be a landlord and then I want to start a corporation which provides rental houses. It’s like the coporation owns the rental houses and the rent is the coporation’s income.
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Tags: Business Services, Houses Rent, Start A Corporation
Posted in Renting & Real Estate | Comments (10)
May 25th, 2009 at 6:30 am
Dolphin Hosting
OHHHHHH you wanna be a slum lord
May 26th, 2009 at 3:56 am
Free Screensavers
Yes—you can broker rentals as a business.It may require a license in the real estate field. You would want to form an LLC—Limited Liability Cooperation—–which would prevent personal assets from being attached in case of a lawsuit.
May 26th, 2009 at 1:20 pm
New York City Job Listings
That sounds totally legal to me, lol.
Check with your town or state’s regulations, call your state house and see what you can find out. Also, get some information corporations before you go ahead and do this. If you will only be operating within your own state, you can get an LLC, which may be easier. However, if you intend to operate out of your state as well, you will need to get the okay to do so if you have an LLC which is more money (sorry, I can’t remember the word they use if you have an LLC operating outside your own state.) Good luck!
May 29th, 2009 at 1:18 am
Dolphin Hosting
If the corporation is the owner and you would be an employee of the corporation then in most states you would not need a Broker’s license- but I would check with your state real estate commission to be certain. If you owned them directly then you would never need a broker license.
I own a small business and it is a corporation and no bank or other company will extend the company credit unless I take personal responsibility- so I don’t how good of a shield the corporation is for me. Check with a lawyer and CPA before you go to the expense of setting this up.
Also to protect yourself you will also need a great insurance agent to help protect from lawsuits losses and such.
May 31st, 2009 at 6:24 am
RSS Feed Reader
Yes, this is what I do. You can only legally rent property you hold title to, not anyone elses property. You need a brokers license to rent out property you do not own.
June 1st, 2009 at 2:58 am
New York City Job Listings
Sounds like property management to me.
June 3rd, 2009 at 5:01 am
New York City Job Listings
You have to be licensed and work for a broker to represent others in real estate transactions. Some state consider renting other homes as a real estate transactions others don’t. You need to check with you state law. If you do need to be licensed and have a broker your state may require a certain level of education and time as a real estate agent before you can be licensed as a broker.
You need to check with your state to see what you can do. Google your state name and real estate board to start.
June 3rd, 2009 at 1:51 pm
RSS Feed Reader
Sure. Lots of people form an LLC for income properties.
June 6th, 2009 at 8:56 pm
RSS Feed Reader
do you mean a property management company? yes like resrort
property you can rent by the week or month. instead of buying a bunch
of houses you could manage other peoples property for them and
not have to tie up your money buying your own houses
June 8th, 2009 at 10:05 am
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In my opinion that’s a legal opportunity for starting a small business along with its grants….but you can contact with someone who sponsor your small business or provide the ultimate information…
Best Of Luck…..